How to Conduct a Competitor Analysis — The Complete Guide

Trending 11 months ago

Are you wondering why competitor study is important? Like sports teams study their opponents to find weaknesses, businesses tin analyse their title to amended their SEO strategy.

competitor study represented by chess pieces

By intimately looking into your competitors, you study what useful and what doesn’t. Let’s get into it.

 10 Competitive Analysis Templates [Free Templates]

Table of Contents

  • What is simply a competitor analysis?
  • Competitor Analysis Template
  • How to Conduct Competitor Analysis
  • Competitor Analysis Report Best Practices
  • Competitor Analysis Example

What is simply a competitor analysis?

Imagine a competitor study arsenic if you were going snorkeling successful your competitor's SEO ocean. You get to research really they've group up their SEO strategies and nan keywords they're aiming for. Pretty neat. It's for illustration having your concealed representation to find nan wealth earlier your competition.

Simply put, it's for illustration stealing a glimpse astatine nan playbook of nan apical dogs successful your industry. You get to spot what they're doing pinch their SEO and usage that intel to scheme your strategies. It's rather an escapade if you inquire me.

The Benefits of a Competitor Analysis

Now, let's look astatine why competitor study is your concealed weapon.

Competitor Analysis Benefits Uncover caller keyword opportunities. Gain a deeper knowing of nan SEO landscape. Inform your contented strategy. Discover link-building opportunities.

1. Uncover caller keyword opportunities.

Doing a competitor study opens up a wealth trove of keyword opportunities.

Think of each nan keywords your competitors are ranking for that you mightiness person overlooked. It's for illustration uncovering a hidden wealth map.

2. Gain a deeper knowing of nan SEO landscape.

A thorough competitor study provides a clear position of nan SEO landscape.

What are your competitors doing right? What strategies are they using? These insights will thief you to fine-tune your technique, giving you an separator successful nan SEO game.

3. Inform your contented strategy.

Have you ever deed a roadblock trying to create caller contented ideas? Not anymore! By analyzing your competitors' content, you tin tie inspiration for your own.

Plus, you tin place gaps successful their contented that you tin fill, mounting you isolated from nan competition.

4. Discover link-building opportunities.

Here's nan cherry connected top: competitor study tin thief you find imaginable link-building opportunities. You tin spot who's linking to your competitors' websites and place imaginable sites to target for your link-building efforts. Neat, right?

We've discussed why competitor study is crucial, but really do we do one? That's wherever nan SEO competitor study template comes into play.

Competitor Analysis Template

Competitor Analysis Template. Company Name. Location. Target Customer. Revenue. Founded. Strengths. Weaknesses. Brand Personality. Mission. Services. Employees. Product. Marketing.

1. Company Name

This information should database nan sanction of nan competitor. The institution sanction provides an definitive identifier for analyzing nan remainder of nan information.

2. Location

Location refers to nan surface science of nan competitor's office and immoderate important branches aliases areas wherever they person a presence.

The tract tin supply insights into section markets, resources, and nan business situation that nan competitor is operating within.

3. Target Customer

This area should outline nan cardinal demographics and psychographics of nan competitor's customer base. It includes specifications specified arsenic property range, income levels, occupation, gender, interests, and different defining characteristics of their emblematic consumer.

4. Revenue

In this section, you will item nan competitor's gross figures. The profit could beryllium wide yearly revenue, gross by product/service, aliases immoderate different important measure. It gives you an thought of their business's standard and financial health.

5. Founded

Include nan twelvemonth and circumstances of nan company's founding connected nan template. This accusation tin springiness insights into nan company's history, experience, and imaginable durability.

6. Strengths

This conception should analyse nan competitor's strengths. Strengths see marque recognition, innovative products aliases services, beardown leadership, effective trading strategies, etc.

7. Weaknesses

Here, you should item immoderate areas wherever nan competitor whitethorn beryllium lacking. Weaknesses could beryllium mediocre customer service, precocious prices, anemic online presence, etc. These weaknesses tin supply opportunities for your business.

8. Brand Personality

Brand characteristic refers to nan quality characteristics aliases traits associated pinch a brand. It could beryllium thing from being sophisticated, exciting, sincere, competent, aliases rugged.

Understanding a competitor's marque characteristic tin springiness insights into their marque strategy and position successful nan market.

9. Mission

The company's ngo connection outlines its purpose, values, and goals. Analyzing a competitor's ngo tin supply an knowing of what drives their business and really they position their domiciled wrong nan industry.

10. Services

In this section, database and picture nan services nan competitor offers. Include pricing, work features, and unsocial trading propositions successful nan services section.

11. Employees

The employees’ information should see accusation astir nan number of labor nan competitor has, nan building of their team, cardinal leadership, and immoderate notable talent aliases expertise they possess.

12. Product

Describe nan products that nan competitor offers. This conception should see specifications astir merchandise features, benefits, pricing, packaging, and thing other that could supply a competitory advantage.

13. Marketing

Composing a broad competitor study tin look daunting, but it doesn't person to be.

To make things seamless and much organized, you mightiness find this Competitor Analysis Template highly helpful. It's a applicable instrumentality that tin assistance successful structuring your research, making it much manageable and yet much effective.

How to Conduct Competitor Analysis

 Develop your SEO strategy.

Step 1: Identify your competitors.

The first measurement successful conducting an SEO competitor study is identifying who your competitors are. Companies that straight compete pinch yours waste akin equipment aliases supply akin services.

In contrast, indirect rivals whitethorn not supply identical equipment aliases services but still compete for nan aforesaid customers. Use Google and industry-specific directories to place these competitors.

Step 2: Analyze competitors' websites and SEO structure.

Once you person a database of competitors, sojourn their websites and analyse their structure, design, and content.

Please salary adjacent attraction to their keywords usage, tract speed, mobile optimization, URL structure, and different SEO factors.

Step 3: Evaluate competitors' keyword usage.

A important portion of SEO competitor study involves knowing nan keywords your competitors are targeting. Then, usage SEO tools to observe nan keywords driving postulation to their websites.

Step 4: Analyze competitors' backlink profiles.

Backlinks are important ranking factors successful SEO. Check nan amount and value of your competitors' backlinks utilizing SEO tools.

Evaluate their linking domains, nan value of these domains, and nan type of contented that is getting astir of nan links.

Step 5: Review competitors' societal media presence.

Social signals tin effect SEO, truthful evaluating your competitors' societal media beingness is essential. Look astatine their platforms, nan wave of their posts, their engagement, and really they merge SEO pinch their societal media strategy.

Step 6: Conduct a contented analysis.

Content is simply a important facet of SEO. Analyze your competitors' contented successful position of its quality, diverseness (blog posts, videos, infographics, etc.), wave of updates, and relevance to nan target audience.

Step 7: Perform a SWOT analysis.

Now, compile each your information into a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.

SWOT should item wherever your competitors are outperforming you and wherever their vulnerabilities dishonesty that you tin perchance exploit.

Step 8: Develop your SEO strategy.

Develop your SEO strategy utilizing nan insights gained from your SEO competitor analysis.

This method could impact targeting caller keywords, improving your website's method SEO, building high-quality backlinks, creating divers and high-quality content, and enhancing your societal media strategy.

Remember, SEO competitor study is an ongoing process. Search algorithms change, and truthful do your competitors' strategies. Therefore, regularly updating your study ensures you enactment competitory successful your industry.

And, of course, make judge to see utilizing SEO competitor study devices for illustration Website Grader. This invaluable instrumentality provides broad insights into a website's performance, SEO, and wide online presence.

Competitor Analysis Report Best Practices

1. Embrace simplicity.

Let's support things simple, shall we? Refrain from cluttering your study pinch jargon. Instead, please support it clean, clear, and to nan point. Simplicity is each astir making it a soft publication for anyone who picks it up.

2. Stay tidy and orderly.

Trust maine connected this one. The statement is your champion friend erstwhile it comes to competitor analysis. Keep your information neat and unearth each nan info you'll dive into. Don't awkward distant from charts, tables, and graphs. They're awesome ocular aids!

3. Make it mean something.

Don't conscionable database data. Interpret it. An fantabulous study goes beyond presenting facts—it tells you what to do pinch them. So, look astatine your data, find those gems of insight, and construe them into actionable steps for your team.

4. Keep it fresh.

You wouldn't publication yesterday's news, right? The aforesaid goes for your competitor analysis. Businesses evolve, and truthful should your report. So make updating your study a regular habit. It's for illustration staying 1 measurement up successful a business marathon.

5. Buddy up for a review.

Have you encountered nan quote, "Two heads are amended than one?" So get a caller position to look complete your report. They mightiness drawback thing you missed aliases connection a caller perspective. Plus, it's ever bully to person a 2nd opinion, right?

Remember, beryllium passionate astir your work! Let your emotion for your business radiance done successful your analysis. After all, you're its number-one fan!

Competitor Analysis Example

Let's behaviour a hypothetical illustration utilizing this template. For this example, let's opportunity you ain a fictional section java shop called "Java Hut." Here's really nan competitory study mightiness look successful a array format utilizing nan "Java Hut" example.

 

Java Hut

Starbucks

Peet's Coffee

Dunkin' Donuts

Location

Local city

Worldwide

Nationwide

Nationwide

Target Customer

Local community, hipsters

Broad user market

Coffee enthusiasts

Busy group connected nan go

Revenue

$100,000 (hypothetical)

$20 cardinal (approx.)

$500 cardinal (approx.)

$1 cardinal (approx.)

Founded

2022

1971

1966

1950

Strengths

Locally originated coffee, cozy atmosphere

Variety, convenience

Quality of coffee

Fast service, debased price

Weaknesses

Limited trading budget, 1 location

Higher prices, little organization feel

Fewer locations than Starbucks/Dunkin

Lower value java than competitors

Brand Personality

Warm, community-oriented

Efficient, professional

Passionate, artisanal

Fun, fast-paced

Mission

Serve value section java successful a organization space

Inspire and nurture nan quality spirit

Deliver a superior java experience

Make and service awesome java fast

Services

Coffee, pastries, organization events

Wide scope of beverages and food, mobile ordering

Quality java and tea, bakery items

Coffee, donuts, meal sandwiches

Employees

10

300,000

5,000

260,000

Product

Coffee, pastries

Coffee, tea, pastries, merchandise

Coffee, tea, nutrient items

Coffee, donuts, sandwiches

Conducting a competitory study involves respective steps, arsenic highlighted successful nan creation of nan array for nan Java Hut example.

Identifying Competitors

The first measurement is identifying your cardinal competitors. These could beryllium section businesses if you're a section business, aliases they could beryllium world corporations if you're successful a broader market.

For nan Java Hut example, we identified Starbucks, Peet's Coffee, and Dunkin' Donuts arsenic competitors.

Establishing Categories for Comparison

Next, find what aspects you want to compare. Our array uses categories for illustration location, target customer, revenue, nan company's founding year, strengths and weaknesses, marque personality, mission, services offered, number of employees, and nan main product.

Research

Now, it's clip to stitchery nan data. This conception mightiness impact online research, individual experiences, and contacting companies directly.

You could besides usage manufacture reports, customer reviews, and societal media to stitchery important information concerning your competitors.

In our Java Hut example, we hypothetically collected information connected each competitor's revenue, number of employees, marque personality, and more.

Analysis

After filling retired nan table, you must analyse nan data. Look for trends, strengths, weaknesses, opportunities, and threats.

For example, successful our table, Java Hut mightiness announcement that it tin differentiate itself pinch its locally originated java and community-oriented atmosphere.

It mightiness besides spot that it needs to grow its trading efforts to compete pinch these well-known brands.

Strategic Planning

Use this study to pass your business strategy. If a competitor excels successful an area successful which your business is weak, see really you mightiness improve. If your institution has a unsocial strength, see really you tin usage that arsenic leverage.

Monitor and Update

The marketplace perpetually changes, truthful updating your competitory study is essential. Monitor your competitors to spot if they're changing strategies, launching caller products, aliases showing immoderate shifts successful their business.

This process tin thief you understand your marketplace better, place opportunities and threats, and make informed decisions to thief your business succeed.

Conducting A Competitor Analysis

So, location you go! You've conscionable journeyed heavy into nan onshore of SEO competitor analysis. Pretty cool, right? It's for illustration you've been connected an epic integer safari, examining nan mysterious creatures of nan SERP landscape.

We've uncovered nan large "what is simply a competitor study successful SEO" question, explored nan benefits, and moreover mapped retired a template for you. Remember, it's not astir outsmarting your competitors but learning from them.

Now you've sewage nan scoop connected really to do an SEO competitor analysis. You've sewage your magnifying solid to scrutinize their SEO strategies, nan wealth representation to their keywords, and moreover a spyglass for their backlinks. This isn't conscionable data; it's axenic gold.

New Call-to-action

More
Source Marketing
Marketing